Tuesday, November 13, 2007

Websites like http://www.taylorstreetcredit.com/ offer services like the advertisement placed here on the left for credit piggybacking services. Credit piggybacking is the practice of "renting" high-quality credit account histories to borrowers with bad credit. The add to the left came from . Piggybacking companies claim to raise scores by 100 to 200 points in 30 to 90 days. The scam works by letting borrowers with bad credit, become authorized users on accounts with long histories of good payments. Internet companies pay people with excellent credit to allow their account numbers to be used by others. Those looking to boost their scores are charged fees upwards of $1,000 to achieve the higher scores. A borrower with poor credit could conceivably rent tradelines from multiple others and boost scores from subprime score levels of the 500's to A-paper ranges in the 700's. This method is being used by loan officers and borrowers to basically build good credit for borrower whom do not deserve the great scores. Many are pointing to this process as weakening the housing market, yet it is not illegal and cant be stopped unless the credit scoring system is adjusted to account for authorized user tradelines in scores. Some lenders are combating the issue by changing their guidelines to not count authorized user accounts towards minimum tradeline requirements.

Typical Credit repair Promises:

Add up to 15 YEARS of Positive Payment History to Your Credit File Overnight Without Occurring ANY Debt or Liabilities.

Discover Credit Repair SECRETS That The Credit Bureaus Don't Want You to Know.

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Learn How to Use the "1974 Equal Credit Opportunity Act" to Build Years of Good Credit History to your Credit File, Legally.

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